List of BTC and mainstream currency market
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Bitcoin price has barely moved since the last report, trading between the $8,600 and $10,000 regions - as shown by the red line in the chart below:
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Recently, the price of BTC has been relatively stable, and the level of volatility has not even been as high as that of many other tokens, and many tokens have shown bullish signals - some currency prices are already rising, such as XLM and ADA. The lack of volatility in BTC prices is even more evident on the 4-hour chart, where BTC prices have moved by a very small 4.75% since the last report.
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The price of the currency is only fluctuating in the range of $9450-$9000. The extremely low volatility during this period means that BTC is likely to be preparing for a big move, although the direction of this trend is still somewhat unclear. The breakout level from the last report is still the same as before - it is unclear which direction BTC will swing.
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The $8,350 and $10,500 levels remain key for BTC’s next price action. If the price of BTC enters the upward gray area, it is difficult to confirm whether the upward trend can continue. This situation happened in January 2020 (but it should be noted that the trading environment at that time was different from now), when BTC broke through $10,000, and it was generally believed on the Internet that the bull market in 2020 had already begun; however, BTC clearly has My own opinion.
BTCSummary
BTC continues to trade sideways with no apparent impetus and no clear direction of volatility. Some believe that BTC has recently seen a descending wedge. However, this wedge that may have formed is still very weak and lacks impetus.
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This lack of momentum can also be seen in the weak EFI momentum and negative momentum SAR. During the sideways market, SAR will generate false momentum signals-the lack of momentum and strength in the above breakthrough, indicating that this is a false trading pattern that will continue sideways. There have also been multiple false formations so far, including a false symmetrical triangle and a false ascending triangle.
BTC/USD False Ascending Triangle Pattern
BTC/USD False Symmetrical Triangle Pattern
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Other Token Technical Analysis Review
ETH Technical Analysis Review
ETH, like BTC, is currently oscillating in a range and has been doing so for 43 days. ETH has been trading in the $220 and $250 range, with a more significant 13% swing compared to BTC’s recent 4.75% swing.
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ETH was trading in a fork pattern before ETH started trading within this price channel.
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Between March 16th and June 15th, ETH clearly followed this fork pattern and gained 115%. This price move appears to be impulsive and the current trading range is a clear tentative pullback.
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ETH tried to pull back to the 0.236 Fibonacci level several times, but failed to fall below the 0.236 Fibonacci retracement level. This shows potential signs of a positive move for ETH, but also a short-term trading channel that has just been broken, as shown in the chart below:
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ETH/USD Parallel Channel
ETH MACD
This points to a bullish case for the price as the channel was broken, preventing the price from falling to the 0.236 Fibonacci retracement level.
ETH Ichimoku
The Ichimoku indicator is bullish, as is the MACD. The candle is above the chart and the chart is also green. If the price can stay above the chart, the market sentiment will continue to be bullish.
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ETH/USD Ichimoku Balance Chart
Like BTC, since ETH fluctuates in two important areas, ETH is currently relying on one of the two levels to be broken to indicate the next trend direction. Depending on which price level is broken, it will also have a huge impact on the overall market movement-many cryptocurrencies are closely following ETH fluctuations.
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ETH/USD price levels
Looking at the ETH/USD technical analysis, ETH seems more likely to move up than down. This will lead to a break of R1 and the next level of resistance is $275. If ETH falls below $223, then the downside target is $214, and if it falls to $214, ETH will lose nearly 10% from its current value.
Ethereum Classic (ETC)
It is reported that Ethereum 2.0 will be released this year, shifting from PoW to PoS system, and at the same time claiming to greatly improve scalability through sharding. The new system, which will be in place by the end of 2020, will make Ethereum’s potential use cases even more favorable. Therefore, speculation may cause ETH to go bullish again and bring more forked coins.
Bullish MACD
MACD ETC/USD
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bullish falling wedge
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bullish falling wedge
This wedge was formed over a 36-day period, with plenty of validation points on both sides of the triangle. At the same time, the breakout is also important, which means that the breakout is likely to stay, we will not see ETC breaking back into the triangle or below $5.5.
The SAR is currently below the ETC price and there is also a large distance between the candles.
ETC/USD SAR
If the SAR does not flip and pull back with a slight clustering of red candlesticks - this would be a major bullish sign. Momentum from the SAR has the potential to lift ETC above the Ichimoku Kinko, which would again point to a further uptrend.
ETC/USD Ichimoku cloud
The SAR along with the descending triangle, bullish MACD and green Heikin Ashi candlesticks are showing a bullish picture.
ETC/USD Final Price Chart
in conclusion
in conclusion
ETC overall is very bullish with the first target at $7.5 (up 16% from current price). After that, the next upside target is $8.3, which is definitely achievable and would give us a 30% gain on the current position. The bullish case will not materialize if ETC falls below $5.6. If $5.6 is breached, then a bearish downside could take ETC back to yearly lows around $4.5; however, a bearish scenario is unlikely based on the bullish factors mentioned earlier.
BTC Hard Fork Token Technical Analysis
Bitcoin Cash (BCH) has been one of the worst-performing coins since mid-March, and despite the fact that the BCH halving occurred shortly before the BTC halving, BCH currently appears to have little to no gains.
BCH/USD
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BCH, like BTC, trades within a small range; however, this range lasts longer (114 days) compared to BTC, and there are no impulsive moves. BCH is stuck within the 0.236 and 0.382 Fibonacci retracement levels. Again, the next direction of the move depends on the direction of the breakout. The suppression of BB and the suppression of PPs (pivot points) indicate that the next trend will be a big trend. If BCH breaks above $270, the next upside target would be $315. At current prices, a move to $315 would represent a 33% gain. If the upward move exceeds this figure, then we may see BCH surge to $360, although a move upwards or downwards in the near future seems unlikely.
Like BCH, BSV has been under-reported. Since the crash in March, BSV has performed very poorly compared to other cryptocurrencies. BSV is currently down -60% from its ATH earlier this year and is currently priced at $181, fluctuating in the $220-$150 range.
BSV/USD
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In this area, it is divided into two intervals: the first interval is between $180 and $220; the second interval is between $180 and $150. As BSV moves within this trading range, $180 acts as both support and resistance. It appears that, at least in the short term, BSV will remain in the first range. This is because BSV is in the upper zone of BBs while also having a positive SAR (with good momentum). If BSV can maintain the gap above the SAR, it will reach $220 in the near future. Of course, whether BSV can break this trading area is another question. If $200 is broken, the next target is $320. If the downside breaks through the second range, the next stop loss for BSV will likely be $105.
BSVSummary
Bitcoin forks have been doing really badly lately - including LTC. There could be several reasons behind this. The first is that many people who invested in BTC forked coins switched their holdings from BSV/BCH/LTC to BTC when they realized the halving. Second, the technology behind these forked coins is somewhat outdated, especially BSV. In addition, investors have turned to new types of tokens on non-PoW blockchains, such as IOTA/NPXS/NEO/ADA.
The price chart for XRP looks eerily similar to ETC; the recently formed descending triangle has been broken in a positive direction.
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Like ETC, the breakout of the descending triangle is significant. Compared to other cryptocurrencies, XRP has underperformed in 2020 - influenced by an extremely poor 2019. However, in the short term, XRP is looking bullish. Many indicators point to short/medium-term bullishness.
XRP/USD final price chart
Summarize
Summarize
If XRP can break above $0.20, it will rise above the Ichimoku line and the resistance line holding it back. After that, XRP will likely see $0.25 - a critical level that will determine whether the rally (from March) is impulsive or corrective. If corrective, this could be very bad news for long-term XRP holders, and if impulsive, further price gains in 2020. If $0.17 is broken sharply, no upside move is expected. If $0.17 is broken, then a move towards yearly lows is highly likely and will see XRP touch $0.14 again, resulting in a 27% loss on our current position.
KNC technical analysis
Since the beginning of the year, KNC has seen huge growth, from $0.185 on January 1 to the current $1.63, a 770% increase. So, will KNC continue to grow, or will it pull back/fall due to its potentially inflated price?
The Kyber Network team has created an on-chain liquidity protocol. The protocol can be built into an application, allowing token transactions without any third parties. Currently, only ERC-20 tokens can be used on Kyber Swap, a service provided by the Kyber network.
Under the current system, I can only go to the website, exchange and store my coins in my wallet, and then go back to the website to buy books. With the growth of cryptocurrencies and increased liquidity on the Kyber network, there is a clear interest in KNC. KNC has done well so far, though it is still down over 65% compared to its 2018 ATHs ($6).
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For KNC, there could be a small period of low volatility and maybe even a slight pullback. These periods of low volatility are indicated by blue squares.
KNC/USD
This slight pullback could see KNC try the median line of the BBs, with the RSI falling to 50. KNC's performance after that is the key to indicating the currency's next move. If KNC breaks below the median line, or tests and fails to break above it, it will be a major bearish signal. We could also see the RSI break below 50, which would indicate selling pressure outweighing buying interest. This could see KNC break below the Ichimoku balance and drop to around $0.8; however, if KNC stays above the BB median line, above the Ichimoku balance during the volatility period, and maintains its RSI > 50, then the price It is likely to reach $2.60 in August.
ADA technical analysis
ADA, like KNC, is also a cryptocurrency that has seen exponential growth since the beginning of the year.
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ADA/USD rally chart
Currently, there is no reason for ADA to reverse. ADA is above the Keltner Channel (KC) with a positive SAR value and a positive MACD; however, ADA may need to take a breather before moving up again due to the massive increase in recent weeks. We may see ADA testing KC's median line in a similar manner to mid-June. If this happens, ADA could see a small drop in the next few days, although major losses seem unlikely at the moment.
ADA/USD
If this pullback towards the median line takes place, ADA could drop down to $0.11. If the bullish momentum continues thereafter, the next major resistance level to try to break is $0.16, which would give ADA a 32% gain to its current price.
LINK technical analysis
ChainLink is one of the most sought after cryptocurrencies and is currently trading at highs. The increase of LINK is very large, and the current price has increased by nearly 300% compared with the beginning of the year. As the chart below shows, LINK currently looks unstoppable.
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Since the current RSI is very high (x<80), it is risky to open a position in LINK now. From the historical data of LINK, when the RSI reaches an extremely overbought level above 80, the reaction of the currency price is very serious, whether it is upward or downward (as shown in the figure below). On several occasions, such as in April 2019, June 2019, and October 2019, when the RSI reached 85, the price of LINK immediately plummeted.
LINK/USD RSI
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In a bullish scenario, LINK will continue upward towards R4 PP (pivot point). This would result in an 11% gain and see LINK break through the $7 resistance.
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LINK/USD Trend Analysis
In a bearish case, LINK will head towards the median line of the BBs as the overbought on the RSI becomes too much. The LINK index will pull back to the R1 part of the PPs. This would cause LINK to drop -21% and back down to $5; however, even if that happens, it doesn’t mean LINK will be bearish in the long-term.
Last week, in the AAX research report, it was pointed out that $0.15 would likely provide support for AAB, and this is also the case this week, AAB did not break through the support of $0.15.
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AAB/USD $0.15 support level
As the chart above shows, the $0.15 level has provided support for AAB on several occasions -- preventing further price declines.
The direction of AAB depends on which resistance level is broken after this period of sideways trading. If AAB breaks through $0.24, then the correction will start, and AB will recover some of the losses caused by the previous sell-off; but if it breaks through $0.15, then AAB is likely to adjust to $0.10 next.
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AAB/USD price chart
international economic news
The United States has almost bought out the global supply of Remdesivir. The drug is the first to be approved by U.S. authorities for the treatment of COVID-19. The United States has bought 140,000 doses, which is Gilead's current full supply. It bought 100% of the production in July and 90% of the production in August and September. Shares of Gilead were relatively unaffected by the news.
Social media platform TikTok has had a particularly rough week, having been blocked in Hong Kong following the recent passage of security laws. Amazon mistakenly sent an email asking all employees to delete TikTok for security reasons. Finally, TikTok had to remove 49 million videos from the platform after concerns that the videos violated nudity/sexuality rules.
BooHoo has faced negative allegations about working conditions and pay at its factories. According to reports, the hourly wages of those who work in BooHoo's factory in the UK are as low as $4.40. The UK minimum wage for people over 25 is $11 an hour. BooHoo's stock price fell in response, as can be seen in the chart below.
BOOHOO/USD
The UK has announced an $889 million fund for UK border construction. This fund is due to the UK's formal exit from the European Union in 2000 and will be used for infrastructure, IT systems, recruitment and more.
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Crypto Industry News
Cryptocurrency exchange Cashaa was hacked. Hackers managed to steal 336 bitcoins from one of the exchange's wallets. Sources say the hackers came from India, although little else is known about the hackers. The amount stolen is equivalent to about $3 million.
Volvo invests in blockchain technology company Circular. Circular has been working with Volvo to improve the traceability of Cobalt used in Volvo's electric vehicle batteries. This represents a big step forward for Volvo's supply chain business.
DOGE has seen a surge in recent days due to the cryptocurrency’s virality on TikTok. We saw DOGE rise 150% in three days - while DOGE's mini-bull run appears to be over, with DOGE losing 36% of its value from this week's high; however, recent volatility has demonstrated the power of social media and its Impact on cryptocurrency prices."In recent months, there has been a lot of news about Ethereum and ETH2.0; at the same time, there is a cryptocurrency that is silently working towards its vision at an extremely fast speed, and it is IOTA. IOTA has created a decentralized testnet Pollen for IOTA 2.0. New Pollen feature will help tokenize assets, enabling issuance of IOTA’ colored tokens
About AAX Academy
About AAX Academy
AAX is a digital asset exchange powered by LSEG Technology. AAX Academy is a user education channel created by AAX, which aims to help more users learn novice tutorials and understand the basics of blockchain.
AAX is a digital asset exchange powered by LSEG Technology. AAX Academy is a user education channel created by AAX, which aims to help more users learn novice tutorials and understand the basics of blockchain.
